ICICI Securities: Torrent Pharma’s Domestic Market Outperforms; Margin Sustains
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ICICI Securities Report
Torrent Pharmaceuticals Ltd.’s Q2 FY21 performance was mixed, with reported revenue below estimates but lower cost boosting Ebitda above estimates.
Revenue remained flat YoY with international markets declining 6% offset by 7% growth in domestic market.
U.S. sales declined 9.3% QoQ to 43 million U.S. dollars versus estimated 48 million U.S. dollars.
Controlled costs aided 450 basis points jump in Ebitda margin to 31.5% (our estimate 29.5%).
Adjusted profit after tax grew strong 27.0% to Rs 3.1 billion, as estimated driven by better margin and lower interest expense.
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